Macro Pressure Weighs on Bitcoin as It Slips Below $77.5K

Bitcoin (BTC) dropped below $77,500 on September 1 as rising oil prices and higher bond yields took precedence over strong spot ETF inflows. The asset had reached an intraday high near $79,225 before sellers drove it to a low of $77,318.

The price fell 1.6% in the last 24 hours, retreating from its earlier peak. Despite this decline, Bitcoin remains above its main daily moving averages, with the 20-day simple moving average at $73,198 and the 50-day and 100-day averages at $67,924 and $66,285, respectively.

However, daily momentum has started to cool down, as indicated by a relative strength index of 66, which is down from an overbought reading above 70. This decline suggests that the market is losing some momentum after its rapid move from the $64,000 area.